2008.08.28

This guy writes a very well-informed column --

Scott Tinker, AAPG Explorer: Building Bridges For A New Energy Future.

"Oil as a percentage is likely to continue to decrease, and natural gas and coal will retain stable percentage positions, with fossil fuels combined still representing around 80 percent of the total mix in 2030. Because global energy demand will rise, actual barrels of oil must remain at or near today's production levels, and natural gas and coal, along with other non-fossil sources, will continue to rise in terms of produced units."

Reuters: TGS-Nopec recommends scrapping Wavefield merger.

"Norwegian seismic surveyor TGS-Nopec on Tuesday recommended ending efforts to merge with rival Wavefield Inseis and proposed seeking up to $700 million in damages for the failure."

Gulf Times: Brazil plan to control huge oil finds 'may cause delays'.

"The Brazilian government's plan to take greater control over huge new oil discoveries will face obstacles in Congress and could delay its ambitions to become a global oil player, experts have said. President Luiz Inacio Lula da Silva wants to change the structure of oil control to give the government more funds for social welfare and education while reducing the power of state-owned oil firm Petrobras and its partners."

West Virginia State Journal: Hundreds Of Thousands In Equipment Stolen.

"Over the past few months thieves have systemactically taken items from Dawson Geophysical Company, a land based oil and gas exploration company. According to company officials the stuff stolen is only beneficial to those working with it.... The seismic surveying equipment stolen is worth more than $300,000."

Marketwatch: Bolt Technology Reports Fiscal Year 2008 Results; Third Consecutive Year of Record Sales and Earnings.

"Sales of $61,635,000 increased 31% and earnings of $13,709,000 increased 37% over last year. We currently have cash in excess of $20,000,000 and we are actively seeking additional companies for acquisition."

2008.08.27

Reuters: Mexico's Cantarell oil output falls again in July.

"The fading jewel of Mexico's oil industry, Cantarell is now producing half what it was yielding at its 2004 peak, pulling down overall output in the world's No. 6 oil-producing nation and threatening Mexico's status as a top U.S. supplier."

Press Release: PGS Awarded Large 3D Seismic Survey Onshore Mexico.

"PGS Mexicana, ... a wholly owned subsidiary of Petroleum Geo-Services ASA has been awarded a contract by Pemex for an onshore seismic survey in the states of Veracruz and Puebla, Mexico.... The area to be surveyed is more than two thousand square kilometers, or more than 20 times the size of Manhattan. The total contract value amounts to approximately USD 165 million."

Energy Current: SCAN gets biggest seismic deal to date.

"The US$70 million program from Petroleos de Venezuela SA (PDVSA) will cover 3,300 square kilometers (1,274 square miles) of 3-D seismic work offshore Venezuela."

2008.08.26

O&GJ: MMS Lease Sale 207 attracts $487 million in apparent high bids.

"The ultradeep water was a big draw at the sale. Of the tracts receiving bids, 169 blocks were in 800-1,600 m of water, 46 were in 1,600-2,000 m of water, and 22 were in more than 2,000 m of water."

Houston Chronicle: Gulf lease sale attracts high-dollar attention.

"Statoil's $61 million bid on a single block more than 160 miles south of Galveston was the highest of 423 bids for leases from the federal government. Exxon Mobil submitted the most high bids for a total of $127.3 million, though the Irving-based oil major had no competition from other bidders for much of its quarry." ...

"Chevron, the largest leaseholder in the Gulf, submitted three of the top five bids that were announced Wednesday: $52 million and $34.6 million for blocks directly south of the Louisiana coast and $20 million for a block in the same area that generated the highest bid from Statoil."

The Associated Press: Study -- Seismic has little effect on Gulf whales.

"Powerful acoustic devices used by oil companies searching for new sources of hydrocarbons in the Gulf of Mexico have had no discernible effect on endangered sperm whales living in those waters, according to a federally funded study released Thursday. The six-year, $9.3 million study examined the impact of offshore seismic activity, which involves firing air guns into the water, on the Gulf's sperm whale population, estimated to be around 1,600."

Seeking Alpha: Outlook for Oil Services and Drilling.

"Services side, one group that I like that seems to be out of favor and that I don't think gets enough respect are the seismic guys. Names that I look at would be an equipment company such as Bolt Technology. These guys are the number one maker of guns for the offshore seismic vessels and, knowing that we're going to probably add 30% more vessels to the fleet over the next 18 months, it seems to me you are better off to buy the razor blade than buy the razor in this case."

Seeking Alpha: ION Geophysical Corporation Q2 2008 Earnings Call Transcript.

"Where we have fallen short is the higher volume cable based analog business where we had only pockets of success. One of the main drivers of the ARAM purchase is to significantly strengthen our market presence in that high volume segment of the land business.... The biggest event for us during the second quarter was the announcement of our agreement to acquire ARAM."

SEG: Hill to become SEG President-elect.

"Steve Hill, an adjunct associate professor of geophysics at Colorado School of Mines, ... and the other newly elected officers will assume their duties on 13 November 2008 after the conclusion of SEG's 78th Annual International Meeting in Las Vegas, Nevada, USA. This group will be led by Larry Lines of the University of Calgary, the current President-elect, who will assume the presidency at that time."

2008.08.20

NYT: As Oil Giants Lose Influence, Supply Drops.

"As late as the 1970s, Western corporations controlled well over half of the world's oil production. These companies -- Exxon Mobil, BP, Royal Dutch Shell, Chevron, ConocoPhillips, Total of France and Eni of Italy -- now produce just 13 percent."

Reuters: TGS, Wavefield say talks to revive merger failed.

"TGS blamed the failure on a lack of support from Wavefield management. Wavefield said a deal was still possible though it could not immediately obtain written lock-up undertakings from all key employees, as required by TGS, at the weekend."

Business Wire: Seitel Announces Second Quarter 2008 Results.

"Revenue for the six month period was $92.1 million as compared to $66.7 million in 2007. The 38% growth in revenue came from $14.8 million higher total library resales and a $9.7 million increase in acquisition revenue."

2008.08.13

Energy Current: Fugro sees net result rise.

"Fugro's net result for the first six months of this year is up 27.2 percent on the first half of last year. The company has taken US$168.4 million so far this year. Revenue in the period increased by 20.2 percent to US$1.5 billion."

Scandinavian Oil-Gas Magazine: Wavefield delivers new high capacity 3D vessel.

"The high capacity 3D vessel M/V Geowave Endeavour ... mobilised for their first large 3D contract with oil and gas major BG Norge on July 28th and the vessel was fully operational and in steady production on August 6th with 10 solid streamers of 6km length. The Endeavour is one of the world's largest and most powerful 3D vessels with 16 streamer vessel capacity."

PRNewswire: Geokinetics Announces Second Quarter 2008 Results.

"Richard Miles, President and Chief Executive Officer, said ... "Through improved control over our Canadian idle costs, improved performance in the United States land market and increased activity levels internationally, normal seasonal impacts were significantly reduced this year."

Barents Observer: Seismic shooting scares fish away.

"The fishing catch outside Vesterålen i northern Norway has collapsed this season. The fishermen say that the ongoing seismic shooting in the area is to blame."

2008.08.03

Houston Chronicle: Senate's Gang of 10 offers an offshore drilling plan.

"Hoping to break a stalemate that has kept the nation's energy policy in idle even as gasoline prices soared, the self-styled Gang of 10 would allow producers to explore as close as 50 miles off Florida's Gulf coast. The oil companies also would be able to hunt for crude 50 miles off the beaches of Virginia, the Carolinas and Georgia -- if those states agree."

WSJ: Obama Would Back Offshore Drilling As Part of Bipartisan Energy Package.

"[Obama] reiterated his criticism on Saturday. ‘We can't drill our way out of the problem,’ he said. ‘The long-term trend is for flat or decreasing oil supply and increased consumption.’ But he said that wouldn't stop him from supporting legislation being drafted by 10 senators -- five Democrats and five Republicans -- that would ease a federal moratorium on offshore oil drilling while ending a tax break for oil companies.

"‘What I don't want to do is for the best to be the enemy of good here,’ he said."

Houston Chronicle: George Mitchell still pushes energy conservation.

"George Mitchell was an ecoconscious oilman before it was cool. The 89-year-old Houston wildcatter, real estate developer and philanthropist assembled business and academic leaders to address solutions to energy, food, environment and population growth problems more than 30 years ago."